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h Real Estate:The Oakville Beaver, Wednesday, July 20, 1994 â€" 22 Dear Condofax: Since Screams Park has passed a death sentence on the Revision of the C o nd o miniu m Act, where do we stand on the question of Reserve Fund Studies? It was C Refe BA., RRS. Sales Rep planned, accordâ€" ing to Section 94 of Bill 81, that Boards would be required to conâ€" duct studies â€" of _ a reserve fund to d e t e r m i n e w hether the amount of money in the fund and [proud, cle‘ periodic the amount of contributions colâ€" lected by the corâ€" poration are adeâ€" quate to provide for the expected repair and replacement cost of the common elements. Now that this piece of legislation has Member of the VIC YATES Oakvile Miton and District Plus Toronto Real Estate Board !244.500. Lovely home in !197,000. Great family home River Oaks featuring beautiful kitchen open to a lovely fam. mm. with fireplace, 4 bdrms., 3 baths, double car Shows beautifully. â€"338â€"9000 m ~ * NEW LSTING For sale or lease. This gorâ€" geous Mattamy home on a ravine features ground floor fam. rm., den, f(:rEprox. 3860 ‘sq. :ft.. la\rfice itchen plus lots more. YATES 905â€"338â€"9000 arage. YATES _ 338â€"9000. | barms., STARTER HOME in Glen Abbey. Eatâ€"in kitchen, ground floor fam. m., master bdrm. with ensuite, double car garage. VIC YATES 905â€" RENOVATED HERITAGE HOME This beautifully home features a beauti gourmet kitchen open to a lovely sunroom, ground floor den, bdrm., separaite liv. m. din. m., plus lots more. VIC YATES 905â€"338â€"9000. cppoin’rec: $159,000. Located in Glen Abbey. This freehold townhouse features nice size lot. 3 bdrms., double car garage ++. VIC YATES 905â€"338â€"9000. 338â€"9000 NOT INTENDED TO SOLICIT PROPERTIES ALREADY LISTED FOR SALE died, should Boards conduct such studies? Answer: Any _ Board member should realize that if they fail to carry out today the duties imposed by the Act, they could well find themâ€" selves open to expensive lawâ€" suits later. Owners suddenly faced with costly and unexpected special assessâ€" ments, perhaps sue former Board members if their corporation â€" is faced with milâ€" lion dollar repair bills brought about by impropâ€" er maintenance and repair proâ€" grams for the common elements in past years. The fact that one is no longer on the Board does not exclude the possibility that reserve fund. As Ron Danks, a proâ€" fessional lawyer, and president of the Golden H o r s es ho e Chapter of the CCI points out in an article on the responsibilities and liability of Directors _ and Managers, "It is likely that a good percentage â€" of condominiums in Ontario will find circumstances current owners may look to forâ€" mer directors and managers as being responsible for the deficiency in the reserve fund. "The directors may have failed to live up to their obligations under Section 36 of the Act (i.e. "the corâ€" poration â€" shall establish and maintain one or more reserve funds and shall collect from the running into thouâ€" one might be held that their reserve owners sands of dollars, responsible for a funds are inadeâ€" amounts that ... could decide to deficiency in the quate. In these are reasonably Christopher Invidiata Sales Representative More Exposure! Now A Member of The Toronto Burlington MLS Boards No Home is Too e With The Same Professional Care" Get Moving... Call Today LAKESHORE RD. E. OAKVILLE TWO FOR ONE Charming character home with lakeview on almost an acre mature property. Severance for a second lot is possible. Heated inground pool the lazy days of summer. Formal living room with black marble fireplace. Large second floor family room w/fireplace walkâ€"out to rooftop deck overâ€" looking lake. Layout is ideally suited for nanny or inâ€"law accommodation. CHRISTOPHER INVIDIATA . $539,000 Sales Representative REALTY CORP 418â€"2 NORTH SERVICE RD. E We k > CLARE MACLEAN Associate Broker HEATHER HISEY Sales Representative FOR THE GROWING FAMILY $339,900. 3500 sq.ft., 5 bedroom, 5 washrooms, lovely private ravine setting. Quick access to highways. Close to recâ€" center, new public separate schools within walking distance. To view call CLARE MACLEAN 842â€"7000. LISTEN TO THE BIRDS. Lovely mature private garden, centralâ€"air, finished rec room with 3â€"pc bath fourth bedroom. Garage, large double paved drive. All for $184,200.00 CALL HEATHER HISEY OR CLARE MACLEAN 842â€"7000. VALUE FOR THE $ $269,900.00 3100 sq.ft., 5 bedrooms, siding onto ravine. Close to highways and within waiking distance to River Oaks Commun'% %n;ab Call for viewing with HEATHER HISE expected to proâ€" vide sufficient funds for major repair and replacement of common eleâ€" ments..."). "For this, and other sensible ideas, it behooves practical present day directors to make sure that their reserve funds are adeâ€" quate to cover future demands brought about by the aging of many of our present buildings. Since not many direcâ€" tors are compeâ€" tent to assess the physical condiâ€" tions of the conâ€" dos, nor what is involved in the engineering or repair costs, the assistance of proâ€" fessional firms, qualified to carry out the necessary studies and calcuâ€" late the potential costs of the future repair and replacements, makes sense and should be conâ€" tracted in order to protect _ themâ€" selves against any future litigation because they failed to carry out their duties and responsibilities. Condofax welâ€" comes your quesâ€" tions about conâ€" dominiums and can be reached through the Oakville Beaver at 467 Speers Rd., Oakville, Ontario, _ L6K 384, or by calling The Golden H o r s e s h o e Chapter of the C a n a d i a n C o n d o m in i u m Institute (CCI) at 905â€"521â€"8144. H. Penman Smith 18 a Burlington resiâ€" dent who has been active in all phases of condoâ€" minium activity since 1975. He is vice president of The Golden H o r s e s h o e Chapter of the CCI and former C on d o m i n i u m I n f 0 r m a t i o n Officer with the Ministry of Consumer â€" and Commerctal Relations in Ontario. The opinions stated in this column are his own. He is not qualified to give legal opinions. o e e ie P im on ie en